The global canopy market size is expected to reach USD 2.1 billion by 2025, accelerating at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Provision for expanded outdoor space for seating and recreational purposes owing to the installation of canopies in nearby residential and non-residential buildings is expected to drive the product demand over the forecast period.
Increasing penetration of the product in commercial and residential sectors is anticipated to complement the growth of the market over the forecast period. This can be attributed to the rising installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation. PTFE canopies are widely used on account of their superior weather-resistant characteristics, thermal stability, and high durability.
Canopies are also preferred owing to the aesthetic appeal they impart to a space. Rapid growth of the residential sector in North American economies with rising trend of beautification of expanded living spaces with canopies are likely to propel the market growth. Furthermore, increasing popularity of inside-outside living and the availability of a wide range of product designs suitable for residential buildings are likely to augment the demand for the product.
Major players in the industry offer a wide range of products along with most suitable designs and innovative technology, which aid market players in gaining an edge over their competitors. Most of the players compete on the basis of providing customized designed to suit the exact requirements of end users. A variety of materials including PTFE, ETFE, PVC, glass, wood, and various metals can be used to design a product that is a perfect fit for the area of installation.
Further key findings from the report suggest:
• PTFE material segment accounted for 42.0% of the global revenue share in 2018
• Non-residential segment is projected to grow at a CAGR of 3.9%, in terms of revenue, from 2019 to 2025, owing to extended space along with architectural aesthetics offered by the installation of the products
• The canopy market in North America is estimated to witness a growth rate of 4.2%, in terms of revenue, from 2019 to 2025 due to increased adoption of canopy as shades in the residential sector for protection and enhanced aesthetics
• China accounted for over 33.1% of the Asia Pacific market revenue share in 2018 owing to increasing penetration of the product.